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Unisys Corporation

The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Eastern District of Pennsylvania on behalf of those who acquired Unisys Corporation (“Unisys”) (NYSE: UIS) securities between August 3, 2022 through November 7, 2022, both dates inclusive (the “Class Period”). Investors have until January 10, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Unisys, together with its subsidiaries, operates as an information technology services company worldwide. The Company operates in Digital Workplace Solutions (DWS); Cloud and Infrastructure Solutions (C&I); and Enterprise Computing Solutions (ECS) segments.
On November 7, 2022, post-market, Unisys issued a press release disclosing that the Company was lowering its previously stated 2022 financial guidance by a significant margin and that it would be “unable to file, without unreasonable effort and expense and within the prescribed time period, its Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 (the ‘Form 10-Q’).” Specifically, the press release stated that the Company’s audit and finance committee “is conducting an internal investigation regarding certain disclosure controls and procedures matters” and that “[f]ollowing the evaluation of the results of the investigation, the Company expects that it may determine that there are one or more material weaknesses in its internal control over financial reporting, which may result in a conclusion that the Company’s disclosure controls and procedures and internal control over financial reporting are not effective.” On this news, Unisys share price declined by $4.33 per share, or approximately 48.33%, from $8.96 per share to close at $4.63 on November 8, 2022.
The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company’s 2022 financial guidance was significantly overstated; (ii) accordingly, once the truth was revealed, it was likely that the Company would be required to negatively revise its 2022 financial guidance; (iii) and in addition to the foregoing, material weaknesses existed in the Company’s internal control over financial reporting.

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